Standing up to fierce challenge of having the Chartered Institute of Forensic Auditors recognised by law, the promoters of the proposed institute have given the Senate reasons why it should be recognised.
Led by its pro-term President Dr. Victoria Enape, the group appeared at the Senate public hearing last week to market itself.
Accorsing to Enape, “accounting profession has so many branches with different responsibilities. Each of these branches has professional bodies regulating their activities.”
For instance, she said, “Financial Accounting for preparation of financial statements, is regulated by the Institute of Chartered Accountants of Nigeria (ICAN) and Association of National Accountants of Nigeria (ANAN). Taxation for preparation of income statement for tax purposes, regulated by Chartered Institute of Taxation of Nigeria (CITN). Cost and Management Accounting for preparation of cost estimates and establishment of weakness and strength of an organisation, regulated by Chartered Institute of Management Accountants (CIMA).”
She noted that the separation of Accountant General’s office and Auditor General’s Office shows that, someone has to prepare the financial statements and another person to check it.
“This implies that there is need to have a professional body like Chartered Institute of Forensic and Investigative Auditors in Nigeria to serve as a check to the financial statements prepared by financial accountants and also achieve the agenda of the federal government in combating fraud, corruption and other financial crimes.”
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